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Musgrave Minerals Intersects More Near-Surface Gold at Lena

Friday, June 16, 2017
THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported the final seven drill holes from a recently completed RC drill program at the Lena prospect, located on the Cue Project in the Murchison region of Western Australia.

Musgrave Minerals said the drilling at the Lena gold prospect had intersected further gold mineralisation.

Results include:

9 metres at 1.1 grams per tonne gold from 44m down hole;

4m at 8g/t gold from 35m down hole;

2m at 4.4g/t gold from 23m down hole and 3m at 7.2g/t gold from 38m down hole; and

8m at 1.9g/t gold from 12m down hole.

Musgrave said the latest shallow oxide intersections at Lena highlight the near surface gold potential of the prospect.

Mineralisation at Lena is confirmed to occur in vertical to steeply dipping, semi-parallel quartz lodes hosting gold within a mafic-ultramafic stratigraphic sequence and remains open along strike and down plunge.

The Lena mineralisation is currently defined along a 1.6 kilometre strike length and hosts a total combined Mineral Resource of 1.273 million tonnes at 1.86g/t gold for 76,000 ounces of gold.

This resource estimate does not currently include any of the 2016-2017 drilling undertaken by Musgrave.

“These further strong near surface gold results from Lena continue to support the likelihood of an open cut mine,” Musgrave Minerals managing director Rob Waugh said in the company’s announcement to the Australian Securities Exchange.

“These results are the final gold results for the recently completed RC gold drilling program and will be included in the resource estimate currently on track for mid-July 2017.”